Last December this new investment trust launched
on the UK market via an IPO. It was hoping to raise £250m but actually managed
£350m. I applied for some shares via my broker AJ Bell but was unable to obtain
my full allocation. I topped up a couple of weeks later so my average price was
103p.
Since the launch the company have exchanged
contracts in March to acquire an onshore windfarm in Sweden consisting of 12 turbines
with a capacity of 48MW. The project should become operational in the second
half of 2021. The cost was €68m.
Also in March ORIT acquired a portfolio of 8 UK
solar farms with a combined capacity of 122.8MW for £144m. These began
operations between 2013 and 2015 and have an average remaining life of 23 years
and all qualify for the governments ROC subsidies. (Full company investment update)
These two purchases account for around 59% of the
funds raised at the launch. The board and investment advisers are confident
that the remaining funds will be deployed in further acquisitions by the
Autumn. They are currently looking at solar and onshore wind in UK, Spain and France
as potential targets.
They confirm that a dividend of 3p will be paid
out during the first year and the first payment will be made in
August (I assume 1.0p) and thereafter quarterly.
 |
| 2020 YTD |
The share price has bounced back nicely post Covid
to currently 112p having dipped as low as 92p in mid March. The trust makes up
around 4% of my green portfolio.
As ever, this article is merely a record of my personal investment decisions and should not be regarded as an endorsement or recommendation - always DYOR!
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